BML Islamic on Wednesday, 23 December, made announcement of introducing the new Education Financing facility.
Moreover, this will be an Ijarah based Shariah-compliant facility for locals seeking financial assistance for higher educational opportunities.
As per the Islamic wing of Maldives national bank, their new Education Financing will be applicable for courses from certificate level to doctorates.
Furthermore, customers will be picking up 75% of the cost of education under the new financing facility.
Under Education Financing, the cost of education covers tuition fees, living and other expenses at a rate of 11% with a maximum 10-year repayment period.
Moreover, repayments will commence only after students conclude their studies.
Financing under the facility is available with an equity contribution of 25% and security of 150% of the financing amount.
Meanwhile, BML Islamic Banking Director Ms Suri Hanim Mohamed notes the new facility will help prospective students with their education.
“Our Education Financing facility is an opportunity for many potential students who are seeking Islamic financing facilities to fulfill their higher education dreams and achieve personal goals,” she comments.
Moreover, the products under BML Islamic all adhere Shariah compliants, as said by Ms Suri.
BML accepts Education Financing applications from the branch in Male’.
Additionally, non-Male’ City branches will be accepting applications as well.